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The WebSmartIdeas aims to promote and disseminate good creative ideas to improve
society.
Why do so many work at home ideas and businesses fail and so little succeed? From all the years of consulting, from small home-businesses to Fortune 500 companies, I've learned that virtually every single failed home business lacked one or more (usually all) of the essential key ingredients needed for total business success.
Whether you presently have a business or you're thinking of starting one soon, the main way you're going to make money is by selling, distributing or producing a service or product. Regardless of whether your business is on the Internet or off, there are specific reasons why businesses fail and succeed.
1) Work At Home & Home Business Idea: Look for a market that already exists.
There is an old saying that says the first one through the door has all the arrows in his back. (I don't remember exactly how the saying goes, but that's close enough.) This means that the first one to "pave the road" does all the work and hence - spends all the money!
It's much easier to sell a product if it already has "public awareness".
So, when choosing a successful product to market, make sure a successful market for it already exists and the road has already been "paved" for it or you'll end up spending (and wasting) much of your time and money trying to convince people of your product.
Improve it! So, once you find the product with an existing market, improve it and make it better. Offer a better guarantee or more bonuses. Brainstorm on the benefits and open the market up to more people who can identify with your product.
2) Work At Home & Home Business Idea: Know your margins, or go broke!
Okay, so what are margins? Basically, the difference/ratio between the cost of your product and the selling price of your product. For example, if your product costs you $10, and you sell it for $30, then your margin is 3-to-1 (3:1).
Now, listen carefully... The MINIMUM margin you must have for a successful product is 4:1. Anything below that and you're probably going to lose money.
3) Work At Home & Home Business Idea: Make the solution immediate and easy.
"Lose 7 pounds in 7 days simply by taking this new, patented weight loss pill once a day!" The solution to a very BIG problem happens in only 7 days as opposed to 3-4 months - so it's immediate. And all you do is take a "special" pill once a day... it's super easy!
Do you play the Lottery? Chances are if you're like most people, you've bought a Lottery ticket at least once in your life. Guess what, the Lottery is another "solution" to people's financial problems that is both immediate and easy.
Most people lose when playing the Lottery. The odds of winning are millions to one. Yet, most people play and the Lottery "people" make millions and billions of dollars in pure profit off you and me playing the Lottery hoping for a quick fix to our money dilemmas!
So, how can you take advantage of this? Simple, use headlines that convey a message of immediacy and ease. Headlines like, "Stop baldness simply by taking one pill a day!" or "Clear credit card debts in 24 hours with a simple phone call!" Solve common problems quickly and easily.
This is also why software products sell so well (especially on the Internet). Besides the fact the margins are extremely high, a quick download, a simple click here and there and "all your problems" are solved!
4) Work At Home & Home Business Idea: Solve a problem rather than prevent one.
It's easier to sell a book on HOW to erase credit card debt, than a book on how to PREVENT credit card debt. People are more interested in how to lose weight, rather than how to prevent it from coming on in the first place. Our society and government easily spends billions of dollars on trying to solve and find a cure for diseases, cancers and other ailments, but refuses to spend minimal amounts of money on preventing these problems.
It's much easier to sell someone a car or house alarm AFTER they have been robbed, rather than before. Why? Because by selling the alarm after the theft, you're solving an immediate problem. The person who has recently been robbed, feels very vulnerable and wants you to solve his problem by selling him a "state-of-the-art" alarm system.
But the person who has never been robbed doesn't worry about these things. And why should he?... It's never happened to him and chances are, it never will. Trying to sell him an alarm system will be very difficult because he simply doesn't see any need for it.
Follow this simple checklist for home business success!
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